December 16, 2014
The settlement of the class proceeding is currently being implemented.
The partial wind up report related to the “Prior Partial Wind Ups,” including Indago, Pelican Foods and Adason, were filed with the Financial Services Commission of Ontario (“FSCO”) in April, 2014, and approved in September, 2014.
The final report on the Updated Financial Positions for the June 30 2005 (i.e. Integration), Indago, Pelican Foods and Adason Partial Wind-ups and the Transfer of Remaining Liabilities of the Indago, Pelican Foods and Adason Partial Wind-ups to the Ongoing Portion of the Plan as at August 31, 2014 was filed with FSCO on November 12, 2014.
On November 21, 2014 Canada Life issued its Notice to members affected by the partial wind-ups regarding its application for surplus withdrawal, as required under s. 78(2) of the Pension Benefits Act. The notice was received by Koskie Minsky LLP on behalf of all members included in a partial wind-up who retained class counsel. Any partial wind-up member who did not retain class counsel was sent the notice individually. In the Notice members are invited to direct any questions regarding the Notice to either Canada Life or class counsel.
The application for surplus withdrawal is anticipated to be submitted to FSCO by Canada Life in early 2015. There is no timeline for consideration and approval of the application by FSCO. The parties are cautiously hopeful that all regulatory approvals will be obtained in 2015 in which case surplus shares may be paid to class members in the second half of 2015 and the two-year contribution holiday for active members may commence in January 2016.